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Canara Bank First-Quarter Net Profit Misses Estimates; Bad Loans Rise
Highlights
Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions.Net profit rose to Rs. 252 crore in its fiscal first quarter ended June 30, from Rs. 229 crore a year earlier, the country\'s fifth largest state-run lender by assets said.
Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions.Net profit rose to Rs. 252 crore in its fiscal first quarter ended June 30, from Rs. 229 crore a year earlier, the country's fifth largest state-run lender by assets said.
Analysts on average had expected the Bengaluru-based bank to report a net profit of Rs. 356 crore, according to Thomson Reuters data.
Provisions for the quarter rose to Rs. 2,204 crore from Rs. 1,493 crore year ago.
Gross bad loans as a percentage of total loans rose to 10.56 percent at end-June from 9.63 percent at March-end.
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